New Construction
Partial Assessments
Partial assessments represent the value of a new improvement on the January 1 date of assessment valuation. Partial assessments are authorized by the Code of Virginia. Property owners are notified of the addition of a partial assessment with a Notice of Assessment Change as part of the General Reassessment process.
Supplemental Assessments
When an improvement or addition is completed, or a tax exempt property becomes taxable, a Supplemental Assessment may be made. Supplemental assessments are authorized by the Code of Virginia. The supplemental assessment represents a pro rata portion of the full market value being added for the remaining months of the tax year, or the portion of the year that the property has been taxable. A Supplemental Assessment Notice will inform the property owners of the additional amount being added to the improvement value since the current assessment valuation from the past July 1. Property owners may appeal a supplemental assessment within 30 days of receiving their Supplemental Assessment Notice.
Example of Partial & Supplemental Assessments
| Type | July 1, 2014 |
July 1, 2015 |
July 1, 2016 |
|---|---|---|---|
| N/A | Partial | Final | |
| Land | $50,000 | $50,000 | $50,000 |
| Building | $100,000 | $200,000 | |
| Total | $50,000 |
150,000 | $250,000 |
In this example, a supplemental bill would be generated. The added value for the completed building was $100,000: The $41,667 represents the assessment for the 5 months of February, March, April, May, and June.
The tax due on the supplemental assessment would be calculated as follows:
($100,000/12) x 5 = $41,667
The tax due on the supplemental assessment would be calculated as follows:
$41,667 x .0084 [tax rate] = $350